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Bitcoin chalks up new record as it charges past $14,000

by 07/12/2017 04:46:00 0 comments 1 Views

US regulators last week cleared the way for Bitcoin futures to trade on major exchanges, including the world's biggest futures centre the Chicago Mercantile Exchange (CME).

But some, including the US Federal Reserve, have warned against dabbling in Bitcoin as it could threaten financial stability, and fears of a bubble have increased as the price has soared.

"Bitcoin now seems like a charging train with no brakes," said Shane Chanel, from Sydney-based ASR Wealth Advisers. "There is an unfathomable amount of new participants piling into the cryptocurrency market."

But he warned: "Once the hype slows down, we will most certainly see some sort of correction."

Chris Weston, chief market strategist at IG, also predicted "downside moves" in future.

"When the price does turn and there is confusion, even panic.... then watch the short sellers come out in droves," he said.

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